Food Costs ‘Put Financial Pressures On Households’
Keywords: rising, food, prices, causing, financial, strain, need, shop, around, financial, products, loans, credit, uk
Rising food prices are putting increasing financial strain on households, new figures show.
According to data released by the Office of National Statistics (ONS), the expense of food being produced by the likes of bakeries and dairies is running at 6.6 per cent - the highest rate of growth recorded since July 1993.
The office went on to suggest that such costs will be passed on to consumers at the supermarket checkout. And as a result of facing higher grocery bills, it is possible that many more people may struggle in meeting other demands on their finances, for instance home loans, household bills and mortgages.
It was suggested that wheat, vegetables and various dairy products have seen particularly dramatic price increases in recent months. This was largely attributed to the effects of the flooding seen this summer and last year’s drought upon crop yields, the Daily Mail reports.
On an international scale, meanwhile, crop levels for animal feed such as soya and maize have fallen, which in turn has led to meat prices surging. Additionally, higher petrol and subsequent transport expenses have also helped to drive food costs up.
In particular, increased grocery costs are having a specific impact upon pensioners and other people who are on a low or fixed-level income. According to the figure, surges in the price of food have outstripped pension rises, with the basic state pension going up by just 3.9 per cent, the equivalent of 3 pounds 40p per week, next year to 90 pounds 70p.
Due to such differences in growth, many consumers may find that any rises their income may experience will be unable to combat surging grocery expenses. In turn, such an essential demand on their spending may well have an impact upon their ability to manage other areas of their finances, such as utility bills and loan repayments. A spokesperson for Help the Aged told the publication: “This situation is leading to unacceptable levels of poverty among pensioners.”
However, figures collated by price comparison website Mysupermarket suggested that the ONS study could be underestimating the financial strain that many consumers are feeling. It pointed out that the average large, own-label loaf of white bread sold by supermarkets has gone up by 12.5 per cent, or six pence, over the last year to stand at 54 pence. Meanwhile, the cost of a kilo of own-label spaghetti has gone up by 76 per cent to 79 pence.
Overall, the annual rate of growth for essential foods was put at 12 per cent. In turn, the typical family of four who would have spent 90 pounds per week on food this time last year are now paying out an extra 10 pounds a week - a total increase of 520 pounds a year. As a result, this is a figure that could well impact upon making secured loan and household bill repayments. Johnny Stern from Mysupermarket added: “It’s vital that families living on a tight budget seek out special offers to avoid paying over the odds, especially at this time of year.”
People concerned about their ability to manage various commitments on their spending, whether this is paying back various credit cards and loans or meeting rising grocery costs, may wish to consider applying for a debt consolidation loan. Such a low cost loan could allow consumers to pay off numerous demands on their finances and so be left with more disposable income.
In addition, shopping around for everyday items may also help many to reduce spending problems. A recent study by Alliance & Leicester indicated that some 16 million consumers are paying too much for basic groceries such as bread and milk. However, just three per cent claim they do not bother to search for competitive offers on flights or expensive electrical products.
Mark Dawson writes for Loan-Arrangers .co.uk where visitors can compare cheap loans online. Then apply for the best rate secured loans and bad credit loans available. Visit today www.loan-arrangers.co.uk
Previous Articles Highlighter:
Spray Foam Insulation Offers Versatility And Efficiency (1)
This includes in crevices, and around building supports like joist, joints and T beams. Benefits of an air tight seal range from providing a solid sound barrier to lowering your heating and cooling costs.
How To Determine The Price Value Of Color In Gemstones (2)
Color accompanies clarity, cut, and carat weight to make up the 4Cs and can greatly affect the aesthetic value of gemstones. Many people mistakenly believe that darker is always better, but what they should be looking for is brightness and vividness.
Ecommerce Storefront - Comparing The Products (3)
Unfortunately, many people starting up their first retail website make errors in judgment regarding how they should be designed and organized. They may choose a design they like on a site where they've shopped or a design that was eye-catching.
Finding The Right Agriculture Loan For You (4)
Apart from these loans, some agencies also specialize in specific loans for the small farmers. These loans are very popular in those regions that are dominated by the agro-based industries.
All You Need To Know About Farm Operating Loans(Direct And Guaranteed) (5)
Applicants should have sufficient money for the loan repayments and ample collateral for securing it fully. The additional eligibility criterion is also applicable and can be retrieved by contacting FSA or visiting the Farm Service Agency website directly.
Commercial Fraud - Manage The Symptoms And Avoid Catching A Cold (6)
Unfortunately, the reality is it is often far closer to home than most people realise and, while ignorance may be bliss, it is also a sure fire way to leave your company wide open to abuse.
Best Free Debt Consolidation (7)
The best idea to pick up the one that allows you to pay multiple loans with one single payment every month. To get a low rate of interest and a longer term of payment should be sought.
Using Microsoft PowerPoint As A Tool For Teaching (8)
Exchanging ideas with colleagues can be useful and even provide you with a new perspective on how to teach a new topic. When used appropriately, PowerPoint can be an effective tool to support learning in the classroom.
The Next Generation Technology Developement (9)
Technology is clearly an asset in some respects, yet causes obvious problems in other circumstances, and has the potential to do so in the long run. It is necessary that we continue research into stable technologies to avoid putting all our metaphorical eggs in one basket, to provide the security and stability necessary for future commerce and society.
Treatments Used For Changing Colors Of Gemstones (10)
Crystals are minerals trapped inside gemstones. Inclusions carry greater weight in diamonds than other colored gemstones. While they are expected to occur in certain gemstones like red tourmaline and emerald, inclusions hardly occur in gemstones like aquamarine and citrine.
Newer Articles Highlighter:
How To Spot Fraudulent Practices In Jewelry (1)
It is best to write these down. Record the characteristics of the stone on the receipt the jeweler gives you in the store. Do this before you leave.
Consumers 'Need To Take Steps To Avoid Spiral Of Debt' (2)
However, he stated consumers using their credit cards to make mortgage payments could find themselves getting into a "spiral" of financial difficulties. The director reported that as a "lot of people" use such a type of borrowing to meet such demands on their spending, they will often continue to use plastic cards to make up for shortfalls in their income at the end of each month.
Credit Cards And Your Life (3)
It may seem like you won't have any problems with your credit card when you first get it, but the debt can add up very quickly. The idea of the seemingly limitless pit of credit available to you may be a little bit too convenient at times.
Searching For The Right IT Support In London (4)
Recent findings in America have witnessed on-call IT services making home visits and coming up with false diagnostics for the problems of some PC's. These companies were monitored and deliberately set-up to see which company gave the correct conclusion.
Here Is A Hot Internet Home Business Idea Anyone Can Do (5)
7. You can monetize your blog with products and programs that you sell. People can buy online from you and you make money when they do. Affiliate products are easy to add to your blog and blog posts.
Displaying Your Character Through Home Decoration (6)
There is absolutely nothing wrong with checking out the latest home decorating trends, or picking up some ideas on how to decorate your home from various books and magazines, but the style of decorating that you elect to use for your home ultimately depends on you.
The Importance In Using An Objective On Your Resume (7)
It may be a pain in the neck, but it is to your advantage to include an objective or title statement on your resume and then modify it accordingly to match a specific position that you are targeting.
Can You Save Money With A Personal Loan? (8)
In order to receive a secured loan, you must use collateral. You must put something up that the lender can take if you fail to repay your loan. A house is usually used as collateral in these types of loans.
Why Use SEO Search Engine Optimization ? (9)
With SEO there are no shortcuts, and if you are looking for a way to get quick and easy results then seo will not work for you. Instead you will need to carry out some hard work, especially in relation to the actual content of your site.
Accessing The Latest Cycling News (10)
They feel that they can pedal harder and faster knowing that someone will benefit from their efforts. With thousands of sources for finding cures for these diseases, cyclists use their information sources to present a good image for many other cyclist around the world through their good deeds.
Permalink to Food Costs ‘Put Financial Pressures On Households’